It's not new information that artists, publishers and labels miss out on revenue due to such failings and threats in the music world as piracy and agreements that do not keep up with the fast paced advances of technology. With more direct to consumer streaming services at reasonable subscription fees, piracy has waned somewhat. However, a new practice whereby streamed content is being converted into downloadable files has surfaced. In the US, a federal judge halted the activity of 'free' music site Mp3skull.com and awarded damages of about $22 million to affected music companies that had sued. Not too long after this, the stream ripping site Mp3skull.onl emerged.
Since the year 2000, the apex of the music industry, it has lost 60% of its value and in the last 5 years has seen little to no growth. Streaming services were meant to be the way forward, improving this bleak outlook, but with this new form of piracy the music industry seems to be faced with yet another impediment.
It's not all doom and gloom, websites such as YouTube are making dynamic changes to address these issues faced by the music industry. YouTube's terms of services forbid users from downloading, reproducing and distributing its content without consent. They have recently instated former Warner Music Group CEO, Lyor Cohen, as its Global Head of Music. In a move to strengthen relations with record labels, he has implemented a three point plan; first, keeping up with the technological shifts to remove confusion and distrust; second, building on the current work of YouTube to reach more users and improve the service; and lastly, forging collaborative relationships between the music industry and the technologies determining the future of the business.